As the tax year-end zooms into view, advisers and their teams will be bracing themselves for a particularly busy few weeks ahead with what looks like being one of the most decisive tax year-ends for many years.
Firstly, there are all the usual year-end planning reviews to make sure that clients’ tax positions are fully assessed, that allowances are utilised and that actions are taken wherever appropriate.
But also there are some crucial tax allowances being cut from April 2023, as well as most rate bands being frozen. In particular, the CGT allowance is facing a dramatic harecut (ouch – excuse the pun!) from April. Actions around income tax and IHT planning will also come to the fore for advisers. Of course, advisers can’t pull any rabbits out of any hats, especially with the Spring Budget likely to throw a few challenges to the planning process once Chancellor Hunt has revealed the details on March 15th. Until then, no doubt we will be subjected to the usual ‘leaks’ as key changes are drip-fed to the media from ‘Government Sources’ in the run up to Hunt finally showing up in the Commons with the famous Red Box on Budget Day. Of course, myself and the team here will be extremely busy bringing you all the latest news and views in the run up to the big day here on www.IFAMagazine.com and afterwards.
Your IFA Magazine
As you turn the pages of this edition of IFA Magazine, we hope that you will find plenty to get you thinking. With a mix of technical as well as practical content, you’ll find topics covering many different areas. It’s certainly a broad range, from MBOs, IHT, MPS, Chat GPT, CHC – (blimey, this just reminds me how our profession is rather fond of acronyms – no wonder consumers get confused) through to the latest on Woodford, on preparing for Consumer Duty as well as investment analysis and opinion.
But don’t forget…
Our lovely team here at IFA Magazine – and that of our sister publication GBI Magazine too – have been extremely busy of late. Not only are there dozens of decent IFA Talk podcasts ready for you to enjoy if you’ve not already done so, but if tax year-end planning is a subject on your mind at the moment, please check out the podcast conversation which Brandon Russell and I had recently with Quilter’s Head of Tax and Trusts, Rachael Griffin. It went live on 1st March and I’m sure you’ll agree that Rachael certainly knows her stuff. She crammed in lots of very sound practical suggestions for advisers and paraplanners to consider at this hectic time of year. You can access it here https://ifamagazine.com/podcasts/
On the subject of tax year-end, if tax efficient investing is on your radar, then the latest Tax Efficient Sector research (a warning, it’s BIG) plus the EIS and VCT annual reports from GBI Magazine all released last month and are available to advisers free of charge here https://ifamagazine.com/publications/
Finally, it remains to wish you well for the rest of this tax year, which I hope won’t be too harey (ok, I’ll quit the hare puns now I promise!).
Editor, IFA Magazine